The Directors of DWS Vietnam Fund Limited (the "Company") would like to announce the appointment of Duxton Asset Management Pte Ltd ("Duxton") as the Company's investment manager with effect from 1 October 2016 and a proposal to change the Company's name to "Vietnam Phoenix Fund Limited".

As announced on 18 May 2016, the Company has received notice from Deutsche Asset Management (Asia) Limited ("DeAM Asia") of its resignation as the Company's investment manager with effect from 30 September 2016. The resignation of DeAM Asia is the result of a review of the current business focus of the Deutsche Asset Management group.

DeAM Asia has been the Company's investment manager since its inception in November 2006. Furthermore, since April 2009, Duxton has been providing investment management and advisory services in relation to the Company's investments under the terms of a sub-delegation agreement between DeAM Asia and Duxton. That sub-delegation agreement will terminate automatically on the resignation of DeAM Asia on 30 September 2016.

Duxton is an asset management firm licensed by the Monetary Authority of Singapore, spun out from DeAM Asia at end of April 2009. Key members of Duxton's team were involved, whilst at DeAM Asia, in the launch of the Company in 2006. Duxton has a total of 33 staff in four countries (Singapore, Vietnam, Australia and Germany), covering investment management, legal, compliance and operations. Duxton's investment team is comprised of 14 members. As at 31 July 2016, Duxton had assets under management (including the Company's sub-portfolio managed by Duxton) of approximately US$640 million.

The Board has appointed Duxton as its investment manager with effect from 1 October 2016 on substantially the same terms as DeAM Asia's current appointment, save that:

· the investment management fee payable to Duxton on a monthly basis will be reduced to 1.5% (currently 1.7%) per annum of the Company's net assets; and

· in the event the Company's NAV performance over the six months ending 31 December 2016 exceeds 8% per annum, any performance fee payable to Duxton attributable to performance in the three months ending 31 December 2016 will be 15% (currently 20%) of the relevant return (or, if less, 100% of the relevant return in excess of the annualised 8% hurdle).

Unless extended by mutual agreement, Duxton's appointment as the Company's investment manager will terminate on 31 December 2016.

As a consequence of the resignation of DeAM Asia and as required by the investment management agreement between the Company and DeAM Asia, a special resolution will be proposed at the annual general meeting of the Company to be held on 30 September 2016 to change the name of the Company to "Vietnam Phoenix Fund Limited".

Enquiries:

Duxton Asset Management Pte. Ltd.

Scott Weldon
Phone: +65 6511 0362

Matheson

Margot McDonagh
Phone: +353 1 232 2000

This announcement has been issued through the Companies Announcement Service of